[sarabande]

The 51% rule does apply for certain industries (here is the PDF: https://www.set-up-company.com/uploads/file/negative-list-fo... an informative guide is here: https://www.set-up-company.com/the-ultimate-guide-for-china-... and I would start there.

A WFOE = Wholly Foreign-Owned Enterprise is allowed for manufacturing (which I assume Tesla regulates under), but not for Telecom companies where 51% still applies. Internet services seem even worse based on a cursory reading:

    (42) No foreign investor is allowed to invest in Internet news services, Internet publishing services, Internet audio-visual program services, Internet culture operation (except music), Internet access service establishments, and services of information release to the public through Internet (except those under China's commitment to opening up to the outside world in its entry into the WTO).